Global crypto market cap plunged to $1.21 trillion, a 1.95 per cent increase over the last day. The total crypto market volume over the last 24 hours was $59.82 billion after a decline of 358 per cent.
The past 24 hours were very volatile for the cryptocurrency market. Traded volumes went higher, confirming the panic selling. However, many alt tokens showed marginal recovery.
Seven in 10 institutional investors expect to invest in or buy digital assets in the future, although price volatility is the main barrier for new entrants, a study by Fidelity’s cryptocurrency business found.
“”Bitcoin and Ether both dropped below their crucial support levels. Bitcoin dropping below the long-term 50-week moving average levels sparked off a massive bearish momentum across the markets,” Edul Patel, CEO and Co-founder of Mudrex
“Most of the Altcoins showed double-digit percentage declines. However, there was some relief for the crypto market later during the session,” he added.
Back home, the income tax office has sought all trade details from cryptocurrency exchanges, along with their financials, to catch profits made during the year-long bull-run in the tax net.
A fortnight ago, the income tax (I-T) department sent notices to at least three exchanges, asking them to share all ledger entries to find out the price, time, and number of coins sold by a trader.
Tech View by ZebPay Trade Desk
BTC has taken a beating this week, as it fell below $31,000 on Monday evening. This comes after the Grayscale shares unlocking which took place on Sunday.
Since then, it further broke the key support levels at $30,000, and fell to a low of $29,301 on Tuesday evening. The asset has also not benefited from volumes which is why it is unable to beat its resistance and witness any sort of rally.
Bitcoin was trading sideways in a broad range from $31,000 to $36,500 for the past few weeks. This week the asset has given a breakout on the downside but with low volumes.
BTC has a strong support at $28,800 (previous low). If it sustains the support level on a closing basis, then we can expect some relief rally. Else we may see a further downfall and the prices may slide to the next support level of $24,300.
Support: $28,800, $24,300
Resistance: $31,000, $36,500
Time is in UTC and the daily time frame is 12:00 AM – 12: 00 PM UTC
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)